Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Athaporn served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 22 years, of which 19 were in research and 9 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006.

Apart from IPO Radar, which focuses on future listings, MCorp Review also performs financial advisory services for TKC Services and provides 11 other on-going thematic series ranked by frequency in descending order, namely:

1) Snippets (news-driven);
2) Sathorn Series (financial services);
3) Silicon Stories (technology); 
4) Thai-Coons (billionaire origin series);
5) Reality Check (data-driven, investigative);
6) Thai Media Spotlight;
7) Political Pit Stop; 
8) Telecom Review; 
9) Thai Macro Watch (read-through from foreign events);  
10) Small Cap Diary; and
11) Property Grid

There are also 3 limited-time series driven by specific events or locations, namely:
1) Thai Corona Crisis;
2) South Series; and
3) Mechanics and Details (deal forensics).

PTT Oil and Retail IPO - Updated Financials and Competitive Landscape

PTT Oil and Retail IPO - Thoughts on Valuation

PTT Oil and Retail IPO - Attractive Valuation with Favorable Deal Dynamics (Index Inclusion)

IPO Radar: PTTOR (Part I), A Gas Station Operator Behind Amazon Coffee

BAFS: Thai Aviation Oil Fuel Operator Aims for Sustainable Growth Path

Bangchak: The Breakaway Oil Company That Could

Snippets #31: PTTOR Intro, LTF Replacement

Snippets #30: Singha Buys Santa Fe, DTAC's Downgrade

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Capital Markets

PTT Oil & Retail Business  / Equity Capital Markets

<p>We value PTTOR at Bt15.5/sh using sum-of-parts method.</p><ul>
<li>Note that the lion's share (63%) of its EV is attributed to the low-margin gas station business, we are more excited about the non-oil business (30% of EV), which incorporates Amazon Cafe and 7-11 revenue sharing, amongst others.</li>
<li>Investing in a post-COVID IPO can be tricky. Even if the company looks really interesting in the long run, it could be easier to wait for the share prices to fall (given the shaky markets) and pick it up on the cheap at a time like this.</li>
<li>Apart from the competitive risks already highlighted in the first part, we also highlight other key risks here, such as: 1) epidemic and sanitation; 2) saturation; 3) gas station obsolescence; 4) reduced vehicle traffic; 5) dependence on PTT Group; and 6) risks associated with foreign currency and operations.</li>
</ul>

We value PTTOR at Bt15.5/sh using sum-of-parts method.
Note that the lion's share (63%) of its EV is attributed to the low-margin gas station business, we are more excited about the non-oil business (30% of EV), which incorporates Amazon Cafe and 7-11 revenue sharing, amongst others.
Investing in a post-COVID IPO can be tricky. Even if the company looks really interesting in the long run, it could be easier to wait for the share prices to fall (given the shaky markets) and pick it up on the cheap at a time like this.
Apart from the competitive risks already highlighted in the first part, we also highlight other key risks here, such as: 1) epidemic and sanitation; 2) saturation; 3) gas station obsolescence; 4) reduced vehicle traffic; 5) dependence on PTT Group; and 6) risks associated with foreign currency and operations.


IPO Radar: PTTOR (Part 2), Valuation and Risks